Wichita eagle., 1887-05-13
ADDITIONAL TELEGRAPH
PACIFIC RAILROADS.
sion What They Know About
Them.

NEW YORK, May 12-Investigation be
fore the Pacific railway commission opened
today with G. p Morrison on the stand
He was one Of the firm Of W f. Conno
II Co. bankers and brokers in 1879 TO 1885
Jay Gould and his son George were also
members of the firm. The names of con
tidential clerks Of the firm in 1880 were
given. Witness knew nothing of the books
Of the firm; they were under the direction
Of ar. Conner, who had charge OF the
brokerage business Of the firm.
Russell Sage, who has been a banker
and broker for over 20 years, was exam
lned as to his books kept from 1878 10
1880 and his clerical employees at that time,
but anticipated the desire Of the commits
sloneTs by holding up package Of papers
and saying: I have al my books and an
prepared to give the commission all the ia
formation it desires | made my first pur-
chases Cf the Union Pacific in 1869 or
1870, paying therefor % or - cents: about
l 900 shares. | was requested to serve
director for the road because | was large
stockholder.
had considerable amount OF stock in
the Missouri Pacific aud gradually increas-
ed my interest in the Kansas Pacific, the
Kansas * Nebraska and the ST. Joseph &
Western. | bought in open market. but
consulted with Sidney Dillon. Jay Gould,
James r. k-eue, Addison Cammack and
others. Knew OF the ST. Louis pool in
1873 and was interested in it TO the extent
of $500, 000. | did this to increase the
value of my Missouri Pacific securities. /
was a purchaser Of kessas Pacific securi-
lies before and after the execution of the
consolidated mortgage. There was a con
siderable discussion with reference 10 the
rates fixed by this mortgage in which
Messrs. Ames, Atkins, Dillon, Gould and
Holmes were consulted. | think that had
no interest IN the securities which were ex
changed for the $, 400, 900 consolidated
bonds. Mr. Calef kept the accounts Of the
trustees
The persons who held these securities re-
ceived the bonds. think that Mr. Ham
furnished Messrs. Dillon, Willard and nv
self, as trustees, list of the oWEers Of these
securities. | don't remember who owned
these securities, but | think that Mr.. Gould !
was interested IN them. | suppose that the |
fixing Of the amount 10 these bonds at s.,
400 600 was the result Of conference: it is |
50 long ago that cauna remember how it
was done. As trustee l was bound in |
justice to tie Union Pacific Co, and as q
member of the committee to protect the
interest of the holders Of securities.
Nathan Niles, government director Of |
the Union Pacific for the year 1879. swore
that he attended the meetings of the board |
and examined the books of the company at
the main Office in Boston. He was a mem
Der Of Of the finance committee and attend |
ed all the meetings Of the directors except
one. The conclusions of my examination
were that if the policy of the management
was carried out the government demands
against the road would be satisfied. |
heard Of the consolidation first through the
public prints and afterward from directors,
but what directors | don't now remember;
do not know whether | was president at
the consolidation; ! considered the c0nsol-
itat:on Of benefit to the MON Pacific.